Financial Independence Making what I used to consider a ridiculously stupid purchase, but realized some things are worth it. |
- Making what I used to consider a ridiculously stupid purchase, but realized some things are worth it.
- Are people happy moving from HCOL to LCOL area?
- Realistically, what is stopping me from moving to some Caribbean island right now and becoming a beach bum
- Daily FI discussion thread - November 09, 2018
- Weekly FI Frugal Friday thread - November 09, 2018
- Why is FatFire sub so different that this one?
- FIRE people living in Bali?
- I'm 29yo - 2019 is going to put me way over the top, I need someone to confide in that's in the same boat.
- Anyone Calculating a Staggered Approach to FIRE?
- Fidelity Planning and Guidance
| Posted: 09 Nov 2018 07:52 AM PST So I'm usually the guy who puts savings over all else. Every cent of extra money, I'm trying to stuff into retirement savings or my brokerage account. I agonize over every dollar. I want to FIRE so badly someday. I look to see where I can save at every turn, and I would normally NEVER consider buying a motorcycle again, as it is a lot of money for very little use (especially in WI). So here's where things changed: My dad is a vintage Harley guy. He's always had one and I remember riding on the back of his many times when I was a kid. When I graduated high school, I had money from working every summer and decided to buy a used one. I owned it for two years and my dad and I rode often those two summers. It was awesome, but I was in college and needed money for other things, so I sold it. I sold it for maybe 500 less than I bought it, so not a terrible financial decision by any means. My dad was pretty down about it at the time, but understood why. Fast forward 5 years later, I make good money, have a fiance who I'm going to marry next summer who makes good money, and have a hair over 125k in retirement accounts and cash at 26. I feel like I'm doing quite well. My dad asked me if he could store his Harley in my garage for the winter, and said "Hey, I don't really ride much anymore, your mom doesn't like it anymore either and I have no one to go with. Would you want to buy my bike?" I've always had that urge in the back of my head to get another bike, but my FI desire always outweighed it. At first I thought this was an awesome thing though. My dad would give me a good deal, and I would know what I'm getting. Then I realized, one of the main reasons I wanted a bike again was to go riding with him. I don't want to buy his and go by myself. It was about spending time with him and sharing a hobby. I asked him if I got another one, if he would keep his and ride together, his eyes lit up. "Hell ya!" Well that was all she wrote. I decided I'm buying a bike again (nice used one). My dad is getting up there and we only have so much time to do stuff like this together again, so I'm pulling the trigger. Wanted to share this because it has been a huge shift in perspective for me and it seems like a common theme on this sub about balancing life and happiness with FIRE. I decided this is something I'm willing to trade time for at the end of my career. [link] [comments]  |
| Are people happy moving from HCOL to LCOL area? Posted: 08 Nov 2018 08:04 PM PST Hello. Throwaway account. I am curious whether any of you have executed on the FIRE strategy of starting out in a HCOL area, making enough money to RE, and then relocating to a LCOL? My partner and I are mid-30s, reached FI a few years ago, and trying to figure out where to spend our next chapter. We have a small child and we're currently in a VHCOL area and considering several places to move to in the next year, some of which are also HCOL and some are M- or LCOL. We used to have this idyllic view of living in a town that's small, quiet, full of nature, and far from the competitive rat race. We could buy a nice house for cheap. However, I'm beginning to think that, being in my 30s, liking to work, and historically having lived near bustling metropolitan areas, I would find very little fulfilling in a small, peaceful town. I'd love to learn from your experiences... specifically:
Thanks! [link] [comments]  |
| Posted: 08 Nov 2018 09:23 PM PST 28 m, with about 195k total in savings. What is stopping me from buying a small piece of land on a Caribbean island, building a shack, and living as a beach bum? There are some very lcol areas (rural) [link] [comments]  |
| Daily FI discussion thread - November 09, 2018 Posted: 09 Nov 2018 03:08 AM PST Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| Weekly FI Frugal Friday thread - November 09, 2018 Posted: 09 Nov 2018 03:09 AM PST Please use this thread to discuss how amazingly cheap you are. How do you keep your costs low? How do become frugal without taking it to the extremes of frupidity? What costs have you realized could be cut from your life without pain? Use this weekly post to discuss Frugality in general. While the Rules for posting questions on the basics of personal finance/investing topics are more relaxed here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| Why is FatFire sub so different that this one? Posted: 09 Nov 2018 02:39 PM PST This sub has lots of users here talking about 401(k) and Roth IRA meanwhile /r/fatfire is mostly about owning businesses and real estate other niche stocks. Why is it so different from this sub? My point is, that you don't need to be wealthy or planning to retire wealthy to do what they are doing, yet, users on this sub don't. [link] [comments]  |
| Posted: 09 Nov 2018 02:23 AM PST Hi all, pulled the trigger on early retirement and as part of my plans will be moving to Bali. I was wondering if there is a FIRE community established on the island? Keep on googling for this but no avail, I'm surprised not to find FIRE people living in Bali since it is my first option due to the low cost of living and great life style the place can offer.... [link] [comments]  |
| Posted: 09 Nov 2018 02:52 PM PST I stumbled upon this sub and I'm hoping to tell you all my life story in hopes there's someone that can help. I'm reading the sidebar and top posts to learn more and get caught up and I'd like to share my story with you on how I got here. 2015 - I found a way to take a traditionally physical service and digitize it. Its a small niche, but it works infinitely faster than doing it manually. (No one can keep up with me anymore, no you can't replicate it yourselves, too small and detailed and I have the whole market.) 2016 - Started my own one-man business and had $328K in revenue with $151K take home. Maybe a dozen jobs or so this year. 2017 - Slow for reasons outside my control (literal acts of god.) ZERO jobs. I'm still sitting at home playing with the dogs all day but I'm just living off savings. 2018 - Found a way to refine things further and I had two jobs in June and two in August. That's it for the whole year: four jobs. $246K in revenue and I'm going to be in the six figure income again this year, but I got tired of just coasting. Decided to kick it up a notch for next year and I've been researching night and day on how to expand further. Future 2019 - I've spent a lot of time perfecting my craft. I've got 25 jobs planned during winter alone for $750K take home, another 62 KNOWN jobs for spring and summer for around $2.2MM take home, and another 74 jobs that are in the works and perfectly attainable. Maybe I lose a few bids, but most of these jobs are near-monopolies as I have sole access to the materials and contracts needed for its completion. They're already all ready to go and I'm literally just waiting for time to pass to collect a check. I show 224 also-near-monopolies through 2023... and that's just the jobs I know about so far. Still a one-man business and I'm using a virtual assistant to do the computer basics and I use my friends as 1099 subcontracted employees on the rare occasion that something physical needs completed. I can literally do this job from anywhere in the world. With any luck I think I'm about to become a multi-millionaire. I have no personal debt, the business "bought me" a vehicle to drive around in that I still owe money on and I have a house and mortgage to cover still... But that's it. I'd like to pay off the house and vehicle, dump a bunch of money into real estate to get passive income started, stock market or mutual funds maybe, go on some extravagant trips... But the feelings inside me are foreign right now. I can't discuss this with ANYONE except my fiancee - I'm 29 years old and all my friends are still strapped with student loan debt and entry-to-mid level jobs, no one I know has excess funds to go vacationing with me, my parents are very conservative with money (think 2% returns, max) and cannot fathom what I'm going through or how I even got here in the first place, my extended family comes from humble roots and doesn't have many white collar workers or people willing to take the smallest risk... So what do I do from here? How do I find friends that I can freely discuss my life with? Older/wiser FIRE peeps, give me some sage advice on how to handle my newfound life. [link] [comments]  |
| Anyone Calculating a Staggered Approach to FIRE? Posted: 09 Nov 2018 08:32 AM PST Started a new job (yay!) and have been tweaking my FIRE calculations on Excel based on a debt payoff schedule and spending. The goal is to retire ideally at 50 (or 55 if need be; I got a late start to saving). My goal is to have a decent pot of savings + Roth IRA to provide a decent income (adjusted upward based on a 3% inflation estimate) from age 50-62ish, and from there begin drawing down my 401(k) + early SS (assuming it's still around by then). Most articles talk about a set savings goal so I'm just curious is anyone else is taking this approach (drawing from one pot of savings while letting the other one grow). [link] [comments]  |
| Fidelity Planning and Guidance Posted: 09 Nov 2018 01:09 PM PST Hi, My retirement is managed by Fidelity. Their Planning and Guidance tool predicts a shortfall way before my retirement ends (meaning when I die, I suppose) and gives me a score of 72 (Fair). If I use cFIREsim or Firecalc I get around 71% success rate if I use the inflation-adjusted spending model. If I use any other model I get over 90% success rate. My question (long-winded as it is) then is does Fidelity use a simple-minded inflation adjusted spending model? Also, for people who are familiar with Fidelity's tool, are they happy with it? Thanks. [link] [comments]  |
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